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Thursday’s Biggest Analyst Calls: Apple, Nvidia, Salesforce, Amazon, Okta, Eli Lilly, Cava, Paypal & More

May 30, 2024
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Here are the most notable recommendations from Wall Street on Thursday:

Baird Initiates UnitedHealth as OutperformBaird has identified UnitedHealth as a top pick due to its extensive integration in the managed care sector.

“Our primary long-term investment is UnitedHealth Group (UNH), with a target price of $597, offering a potential 20% upside. It stands out as the most comprehensively integrated managed care company, both vertically and horizontally.”

Evercore ISI Upgrades Okta to Outperform from In LineFollowing its earnings report, Evercore has upgraded Okta, a company specializing in identity access management.

“Okta delivered strong first-quarter results, surpassing expectations and signaling that previous execution issues are now resolved. The outlook is significantly more positive.”

Goldman Sachs Initiates Abbott Labs as BuyGoldman Sachs sees Abbott Laboratories as well-positioned for future growth.

“Abbott’s diversified business model and robust product cycles are expected to drive sustained top-line growth and margin expansion, contributing to earnings per share growth. Additionally, the balance sheet offers further value creation opportunities.”

UBS Reiterates Apple as NeutralUBS remains neutral on Apple, noting continued pressure on iPhone sales in key markets.

“Our analysis, consistent with our view that China’s ‘sell-in’ data is not a reliable predictor of iPhone demand, shows ongoing pressure in the US and Chinese markets based on April smartphone sales data from Counterpoint Research.”

Piper Sandler Downgrades Cava to Neutral from OverweightFollowing Cava’s first-quarter earnings, Piper Sandler has downgraded the stock, citing a more balanced risk/reward profile.

“After reviewing Cava’s Q1 2024 results, we have downgraded the stock to Neutral from Overweight. With an updated price target of $92, implying only a 4% upside, the risk/reward balance appears more neutral.”

Goldman Sachs Reiterates Eli Lilly as NeutralGoldman Sachs has raised its price target for Eli Lilly to $785 from $740.

“Updating our market model for obesity therapeutics, we now forecast worldwide sales of next-generation anti-obesity medications to reach $130 billion by 2030, up from our previous estimate of $100 billion.”

Mizuho Upgrades PayPal to Buy from NeutralMizuho has upgraded PayPal, citing an attractive valuation.

“PayPal’s valuation is compelling, trading more than one standard deviation below its historical level compared to peers.”

Bank of America Reiterates Amazon as BuyBank of America remains positive on Amazon, highlighting its underappreciated ad revenues.

“Amazon’s advertising revenues continue to grow faster than its Gross Merchandise Value (GMV) and significantly contribute to retail profitability. We estimate that advertising adds over four percentage points to retail margins today and could grow to five points by 2026.”

Wells Fargo Upgrades US Cellular to Overweight from Equal WeightWells Fargo has upgraded US Cellular, highlighting potential value unlocked by its sale to T-Mobile.

“We are upgrading US Cellular to Overweight and raising our price target to $75. The company’s wireless sale to T-Mobile is just the beginning of potential value-unlocking steps.”

Mizuho Downgrades First Solar to Neutral from BuyMizuho has downgraded First Solar due to valuation concerns.

“We are downgrading First Solar based on its current valuation, which already reflects strong pricing power. Our bull case suggests limited upside.”

Deutsche Bank Upgrades Formula One to Buy from HoldDeutsche Bank is optimistic about Formula One’s valuation and growth prospects.

“We are upgrading Formula One to Buy, based on a strong multi-year growth outlook and attractive valuation.”

Wedbush Adds Cheesecake Factory to Best Ideas ListWedbush believes the Cheesecake Factory stock is undervalued.

“We believe the Cheesecake Factory offers more visibility on near- and medium-term financial performance compared to its peers, which investors are currently undervaluing.”

JPMorgan Upgrades Corning to Overweight from NeutralJPMorgan is positive on Corning’s potential for earnings growth.

“We are upgrading Corning to Overweight as the company’s primary businesses in display and optical sectors are well-positioned to benefit from the upcycle in revenue with minimal incremental operating expenses and capital investments, leading to significant earnings per share upside.”

Daiwa Reiterates Nvidia as OutperformDaiwa has increased its price target for Nvidia from $900 to $1,325.

“Nvidia is well-positioned to capitalize on current market opportunities.”

Stifel Upgrades International Game Technology to Buy from HoldStifel is bullish on International Game Technology, raising its target price.

“We are upgrading International Game Technology to Buy from Hold and increasing our target price to $26 from $24.”

Goldman Sachs Reiterates Salesforce as BuyGoldman Sachs remains positive on Salesforce despite lowering its price target.

“We reiterate our Buy rating on Salesforce, though we have lowered our price target to $315 from $345 following its first-quarter 2025 results, which were below investor expectations.”

Redburn Atlantic Equities Initiates Insulet as BuyRedburn is optimistic about Insulet’s growth potential.

“With established gross margins, we expect Insulet’s adjusted operating margin expansion to come from enhanced operating leverage.”

Northland Upgrades C3.ai to Outperform from Market PerformNorthland has upgraded C3.ai, citing strong growth indicators.

“C3.ai reported accelerating subscription growth of 41% in the fourth quarter of 2024, indicating that the challenges from shifting to a usage-based revenue model are diminishing. We foresee continued high growth driven by strong pilot growth and demand for generative AI.”

Goldman Sachs Initiates AstraZeneca, Novartis, and Novo Nordisk as BuyGoldman Sachs initiated coverage on several biotech companies, emphasizing their innovation potential.

“We initiate coverage on AstraZeneca, Novo Nordisk, and Novartis with Buy ratings, highlighting their innovation momentum as a key focus.”

Bank of America Upgrades Datadog to Buy from NeutralBank of America sees Datadog as a leader in its market.

“Datadog is poised to gain market share in the $53 billion observability market.”

Guggenheim Downgrades Generac to Sell from NeutralGuggenheim has downgraded Generac, citing valuation concerns.

“Generac’s stock has risen 32% since early March, largely due to market reactions to reports of an active hurricane season in 2024, leading us to downgrade the stock based on its current valuation.”

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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